The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it is in the final stages of preparing for an Initial Public Offering (IPO) as part of its compliance with the Petroleum Industry Act (PIA) 2021.
Olugbenga Oluwaniyi, NNPC Ltd’s Chief Finance and Investor Relations Officer, disclosed that the company is engaging potential partners through an initiative termed the “NNPC Ltd. IPO Beauty Parade.” This exercise seeks to assess investors’ capabilities in investor relations, IPO readiness, and investment banking partnerships.
The move aligns with the PIA’s mandate requiring NNPC Ltd to transition into a publicly traded entity under the provisions of the Company and Allied Matters Act (CAMA) 1990. Industry stakeholders anticipate the listing to have a significant impact on Nigeria’s capital market and the broader energy sector.
Source: Africa Business Insider
